The lowest P-E, 5, as of Dec. 31, belongs to Louisiana- Pacific Corp. (LPX) of Nashville, Tennessee. The company makes building materials and industrial wood products. I think Louisiana-Pacific is cheap because investors figure that rising interest rates will cripple construction in 2005. It's a reasonable fear but, in my opinion, overdone. USG, Tesoro, Intergraph USG, a Chicago company that makes wallboard and other construction materials, is on the Robot list for a second year in a row. It sports a P-E of 6. USG is cheap for the same reason as Louisiana- Pacific, plus asbestos litigation fears. It is operating in Chapter 11 even though it has almost no debt, as a protection against thousands of asbestos-related lawsuits. I think Congress will provide some aid on this front, and I own USG for most clients. Tesoro Corp. (TSO), out of San Antonio, is a refiner. The stock seems attractive at 6 times earnings, 1.6 times book value (corporate net worth per share) and 0.19 times revenue. Intergraph Corp. (INGR) of Huntsville, Alabama, sells software used for design, mapping and modeling. The P-E is 7. I own it for some clients, but you should be aware that the company posted losses each year from 1993 through 1999. Metal Management, LandAmerica Financial Group Metal Management Inc. (MTLM), based in Chicago, is a scrap metal recycler selling for 7 times earnings. Clearly its fate is tied to the strength of the economy. I figure the economy will slow some in 2005, but it starts from a robust point. Sixth-cheapest is LandAmerica Financial Group Inc. (LFG), a Richmond, Virginia, title insurer that has been in the Robot Portfolio each of the past two years. It returned 51 percent in 2003 and 4.3 percent last year. Again, fear of the Fed is the main reason the stock is so cheap (7 times earnings). If rising rates hurt housing sales, there will be less need for title insurance. In the seventh spot is General Maritime Inc. (GMR), a New York firm that operates a fleet of oil tankers. I own it for some clients and consider it a good three- to- five-year investment at 7 times earnings.